London Stock Exchange Group hosts Kenya Energy & Petroleum Capital Markets Day
On Monday, 29 October, London Stock Exchange Group (LSEG) hosted its inaugural 'Kenya Energy & Petroleum Capital Markets Day', in partnership with the Nairobi Securities Exchange and the Kenyan Ministries of Petroleum and Energy. The conference, sponsored by White & Case and Standard Bank, follows the Memorandum of Understanding signed with the Kenyan Ministry of Energy and Petroleum in 2017 and President Kenyatta’s announcement that the National Oil Company of Kenya (Nock) would be dually listed in Nairobi and London in 2019 to raise operational capital for Kenya's growing oil industry.
The half-day event was designed to provide an insight into investment opportunities in Kenya's energy and petroleum sectors, focusing on a range of topics including: a 360 degree overview of Kenya's oil sector, the role of capital markets in supporting President Kenyatta’s Big Four Agenda and financing Kenyan infrastructure through local currency solutions.
LSEG were delighted to welcome Harriett Baldwin MP, UK Minister for Africa and Andrew Kamau Principal Secretary for State Department of Petroleum, Government of Kenya, to open the markets on Monday morning. Alongside senior government representation, and conference speakers, delegates included the Chairman and CEO of the Nairobi Securities Exchange, CEO of the Capital Markets Authority of Kenya, Chairman of the National Oil Company of Kenya and a range of leading corporate representatives from energy & petroleum sector, including the renewable energy sector.
Following the conference, in partnership with GuarantCo (part of the Department for International Development), LSEG arranged a closed-door roundtable focused on financing the Kenyan housing sector through offshore local currency bond markets.
The conference underlined LSEG’s leading position in supporting access to growth capital for companies from across the world, and showcased the City of London's work, in partnership with the Kenyan government, to support President Kenyatta's Big Four Agenda. London's historic relationship with Kenya and role in supporting investment in into the local economy continues to strengthen following the Prime Minister's visit to Kenya in August, which outlined the government's agenda for shared prosperity.
LSEG continues to work with the Nairobi Securities Exchange across a number of areas including the ‘ELITE’ programme, which will support the capacity building of leading Kenyan SMEs in areas such as governance, transparency and operational best practices, as they seek to scale up and create jobs and growth within the local economy. The programme, funded by Financial Sector Deepening Africa, is due to be launched in the first half of 2019, following the signing ceremony during the Commonwealth Heads of Government Summit witnessed by President Kenyatta. The programme will also seek to support the wider East Africa community including Rwanda, Tanzania and Uganda. The programme will also explore the opportunity to have a cohort of companies from the petroleum sector, to support them to collaborate with the National Oil Company of Kenya.